Yokorei (2874) Q2 2025 earnings summary

Executive summary

• Revenue for FY2025 Q2 rose 5.7% year-over-year to ¥63.4 billion, with operating profit up 11.8% to ¥3.04 billion and net income up 51.7% to ¥1.67 billion.

• Growth was driven by robust demand in the cold storage/Refrigerated Warehousing segment, while the food sales segment saw higher sales but lower profits due to increased logistics and other costs.

• Comprehensive income increased to ¥2,635 million from ¥1,443 million year-over-year.

Financial highlights

• Gross profit increased 8.3% year-over-year to ¥7.7 billion, with a gross margin of 12.1%.

• EBITDA rose 11.9% to ¥6.83 billion.

• Ordinary income rose 40.8% year-over-year to ¥2,604 million.

• Basic earnings per share increased to ¥28.34 from ¥18.71 year-over-year.

• Net assets increased to ¥82,038 million, with a capital adequacy ratio of 38.0%.

Outlook and guidance

• Full-year guidance remains unchanged, targeting revenue of ¥127 billion and operating profit of ¥4.25 billion.

• Cold storage demand is expected to remain strong, and food sales are supported by stable domestic prices.

• No changes to previously announced earnings forecasts.